Can-Fite BioPharma Announces Registered Direct Offering
January 18 2019 - 8:00AM
Business Wire
Can-Fite BioPharma Ltd. (NYSE American: CANF)
(TASE:CFBI), a biotechnology company advancing a pipeline of
proprietary small molecule drugs that address cancer, liver and
inflammatory diseases, today announced that it has entered into a
definitive agreement with a single institutional investor to
receive gross proceeds of approximately $2.35 million.
In connection with the offering, the Company will issue
2,238,096 registered American Depository Shares (ADSs) of Can-Fite
at a purchase price of $1.05 per ADS in a registered direct
offering. Additionally, for each ADS purchased by investors, the
investors will receive an unregistered warrant to purchase one ADS.
The warrants will have an exercise price of $1.30 per ADS, will be
immediately exercisable and will expire five and one-half years
from the issuance date. The closing of the offering is expected to
take place on or about January 23, 2019, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent in connection with this offering.
The ADSs described above (but not the warrants or the ADSs
underlying the warrants) are being offered pursuant to a shelf
registration statement (File No. 333-220644) which became effective
on October 11, 2017. Such ADSs may be offered only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement.
The Company will file a prospectus supplement and the
accompanying base prospectus with the SEC relating to such ADSs.
When available, copies of the prospectus supplement and the
accompanying base prospectus may be obtained at the SEC's website
at http://www.sec.gov, or by contacting H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd
Floor, New York, New York 10022, by telephone: (646)
975-6996 or by email at placements@hcwco.com.
The warrants described above were offered in a private placement
under Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Act”), and Regulation D promulgated thereunder and, along
with the ADSs issuable upon their exercise, have not been
registered under the Act, and may not be offered or sold in the
United States absent registration with the SEC or an applicable
exemption from such registration requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein. There shall not be any offer, solicitation of an offer to
buy, or sale of securities in any state or jurisdiction in which
such an offering, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Can-Fite BioPharma Ltd.
Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CFBI) is an
advanced clinical stage drug development Company with a platform
technology that is designed to address multi-billion dollar markets
in the treatment of cancer, inflammatory disease and sexual
dysfunction. The Company's lead drug candidate, Piclidenoson, is
currently in Phase III trials for rheumatoid arthritis and
psoriasis. Can-Fite's liver cancer drug, Namodenoson, is in Phase
II trials for hepatocellular carcinoma (HCC), the most common form
of liver cancer, and for the treatment of non-alcoholic
steatohepatitis (NASH). Namodenoson has been granted Orphan Drug
Designation in the U.S. and Europe and Fast Track Designation as a
second line treatment for HCC by the U.S. Food and Drug
Administration. Namodenoson has also shown proof of concept to
potentially treat other cancers including colon, prostate, and
melanoma. CF602, the Company's third drug candidate, has shown
efficacy in the treatment of erectile dysfunction in preclinical
studies and the Company is investigating additional compounds,
targeting A3AR, for the treatment of sexual dysfunction. These
drugs have an excellent safety profile with experience in over
1,000 patients in clinical studies to date. For more information
please visit: www.can-fite.com.
Forward-Looking Statements
This press release may contain forward-looking statements, about
Can-Fite’s expectations, beliefs or intentions regarding, among
other things, statements regarding the offering, the expected gross
proceeds and the expected closing of the offering. In addition,
from time to time, Can-Fite or its representatives have made or may
make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of
forward-looking words such as “believe,” “expect,” “intend,”
“plan,” “may,” “should” or “anticipate” or their negatives or other
variations of these words or other comparable words or by the fact
that these statements do not relate strictly to historical or
current matters. These forward-looking statements may be included
in, but are not limited to, various filings made by Can-Fite with
the U.S. Securities and Exchange Commission, press releases or oral
statements made by or with the approval of one of Can-Fite’s
authorized executive officers. Forward-looking statements relate to
anticipated or expected events, activities, trends or results as of
the date they are made. Because forward-looking statements relate
to matters that have not yet occurred, these statements are
inherently subject to risks and uncertainties that could cause
Can-Fite’s actual results to differ materially from any future
results expressed or implied by the forward-looking statements.
Many factors could cause Can-Fite’s actual activities or results to
differ materially from the activities and results anticipated in
such forward-looking statements. Factors that could cause our
actual results to differ materially from those expressed or implied
in such forward-looking statements include, but are not limited to:
our history of losses and needs for additional capital to fund our
operations and our inability to obtain additional capital on
acceptable terms, or at all; uncertainties of cash flows and
inability to meet working capital needs; the initiation, timing,
progress and results of our preclinical studies, clinical trials
and other product candidate development efforts; our ability to
advance our product candidates into clinical trials or to
successfully complete our preclinical studies or clinical trials;
our receipt of regulatory approvals for our product candidates, and
the timing of other regulatory filings and approvals; the clinical
development, commercialization and market acceptance of our product
candidates; our ability to establish and maintain strategic
partnerships and other corporate collaborations; the implementation
of our business model and strategic plans for our business and
product candidates; the scope of protection we are able to
establish and maintain for intellectual property rights covering
our product candidates and our ability to operate our business
without infringing the intellectual property rights of others;
competitive companies, technologies and our industry; statements as
to the impact of the political and security situation in Israel on
our business; and risks and other risk factors detailed in
Can-Fite’s filings with the SEC and in its periodic filings with
the TASE. In addition, Can-Fite operates in an industry sector
where securities values are highly volatile and may be influenced
by economic and other factors beyond its control. Can-Fite does not
undertake any obligation to publicly update these forward-looking
statements, whether as a result of new information, future events
or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190118005205/en/
Can-Fite BioPharmaMotti
Farbsteininfo@canfite.com+972-3-9241114
Can Fite BioPharma (AMEX:CANF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Can Fite BioPharma (AMEX:CANF)
Historical Stock Chart
From Sep 2023 to Sep 2024